Ellington Management hires Steven Abreu from GMAC Mortgage as the MBS specialist (EFC, EARN)...

|About: Ellington Financial LLC (EFC)|By:, SA News Editor

Ellington Management hires Steven Abreu from GMAC Mortgage as the MBS specialist (EFC, EARN) founded by Mike Vranos gets into the mortgage origination business. Ellington Financial (EFC) will wade into the market with the purchase of small or medium-sized originators says CFO Larry Penn, but the goal, says Vranos, is to build a top-tier national lender with $20B/year or more in originations.